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Tether boosts tokenized gold use as Ledn accepts XAUT collateral
Ledn said XAUT will be eligible collateral for gold-backed loans denominated in USDT, linking Tether's 154 metric tons of bullion reserves to crypto lending.
Tether, the largest stablecoin issuer, holds about 154 metric tons of physical gold backing its stablecoin and tokenized gold products, and it has been positioning that bullion for use in crypto finance. At current prices, the gold portfolio is valued around $20 billion, according to CryptoSlate's review of Tether’s reserve scale and its products.
The gold supports both Tether's USDT reserves and its tokenized gold offering, XAUT. CryptoSlate cited Reuters data showing roughly 132 metric tons of the bullion are held in USDT reserves as of the end of March 2026, while about 22 metric tons back XAUT directly. Tether's approach differs from competing gold exchange-traded funds, CryptoSlate noted, by putting gold on crypto rails.
On June 18, Ledn announced it would add XAUT as eligible collateral on its platform. That enables gold-backed loans denominated in USDT, with CryptoSlate adding that Tether’s newer USAT token is expected to go live later in 2026.
CryptoSlate said the XAUT product represents a large share of the broader tokenized gold market, accounting for 54% at the end of Q1 2026. It also described the lending model as collateralized, where users deposit XAUT to receive a stablecoin-denominated loan from Ledn, allowing liquidity without selling the underlying gold exposure.
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